FloSports Lands $47 Million in Venture Capital Funding

FloSports, live digital sports media company, this week announced it has closed $47 million in new funding.

Current investor Discovery Inc. led the round of funding, which also included participation from existing investors Causeway Media Partners, LP, Fertitta Capital, and DCM Ventures, as well as strategic investors World Wrestling Entertainment, Inc. and Bertelsmann Digital Media Investments.

To date, the Austin-based company, founded in 2006, has raised $79.2 million in funding. It has 250 employees.

FloSports reports its subscribers and annual recurring revenue grew by more than 50 percent from the previous year.

“We are excited to continue building on the momentum of our recent strong growth, including our best quarter ever,” FloSports CEO and Co-Founder Mark Floreani said in a news release. “With this new round of funding from our investors, we will further enrich underserved sports communities by broadening our existing coverage and expanding into new verticals.”

“We are big believers in the consumer appeal of OTT (Over The Top) verticals like FloSports to serve passionate communities and fans,” Bruce Campbell, Chief Development, Distribution, and Legal Officer, Discovery said in a news release. “FloSports aligns nicely with Discovery’s global direct-to-consumer strategy and provides us with opportunities to apply learnings to our own OTT products. We’re excited to deepen our participation in this growth and innovation story.”

FloSports focuses on covering live events through its subscription-based network. It provides coverage of 25 sports and broadcasts more than 10,000 live events annually.

As a provider of in-depth coverage across 25 sports that broadcast more than 10,000 live events annually.

“While live events are the center of our offering, original programming is a cornerstone—we’re committed to providing our subscribers with engaging content out of season,” Floreani said. Currently, FloSports offers more than 2,000 hours of premium content.